Hearing of the House Financial Services Committee-Priorities for the Next Administration: Use of the TARP Funds Under the Emergency Economic Stabilization Act
HEARING OF THE HOUSE FINANCIAL SERVICES COMMITTEE
SUBJECT: PRIORITIES FOR THE NEXT ADMINISTRATION: USE OF TARP FUNDS UNDER THE EMERGENCY ECONOMIC STABILIZATION ACT
CHAIRED BY: REP. BARNEY FRANK (D-MA)
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Thank you, Mr. Chairman. Mr. Chairman, again, I want to state very clear and very strong support for this general proposal. I wish we could have done it the last time, but the last time we had this bill before us, we had a president who said you either do it my way or you have a veto, leaving people like me with a choice of either voting yes or letting the economy possibly go down the tubes.
I wish we could have had these things the last time.
I also hoped that even without them specifically in law that we could have taken people at their word, that they would have actually done some of the things that we are now saying in this bill that they have to do. I don't think these are very difficult things. Individual reporting of what happens when we give money to a specific bank -- how is that difficult? How is that impossible? Yet we had administrators who said they weren't going to do it. That's insane. It was never said in the law, and anybody who says they wouldn't do it, I think, is being misfeasant (sic), malfeasant, and every other "- feasant" I can think of.
I personally think that this particular bill is very good. It's a step in the right direction. I'm looking forward to the new administration hearing us. My hope is that this bill is part of the disapproval or approval of the next funds. I hope they're not separate. I really think that this bill has a lot of things in it that we should have had that I think will serve our taxpayers well and will help this economy and will get us the reporting that we need to make wise decisions in the future.
With that, Mr. Chairman, I yield back the remainder of my time.
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